15 February 2021 – Avanti Communications (“Avanti” or “the Company” and, together with its affiliates, “the Group”) is the leading Ka-band high throughput satellite capacity partner to the communications industry in EMEA.
On 8 February 2021, Avanti announced that it had agreed on the headline terms of an amendment and extension of the maturity of its Super Senior Facility (“SSF”), (the “A&E Transaction”).
Today the company announces that the A&E Transaction has been successfully completed. The A&E Transaction provides:
- a material maturity extension of the SSF to 31 January 2022
- a new capital injection of US$30 million from existing junior lenders
- an extension in the maturity of the 1.25 / 1.5 Lien Credit Facility to 31 July 2022
The successful completion of this transaction enables the Company to continue to execute on its growth plan including the closing of its exciting pipeline of significant contracts.
Over the past two years, Avanti has transformed its business, now with clear focus on the three key customer segments of:
- Government – defence missions and critical public services
- Carriers – cellular backhaul for Mobile Network Operators (“MNOs”)
- Industry – wholesale to satellite operators and integrators.
The move has led to significant growth and new contract wins. In particular, the Group secured three major contracts with MNOs and tower companies towards the end of 2020, collaborating with them to provide cellular backhaul across Africa using our HYLAS 4 satellite. We also continue to provide a resilient backhaul service to EE and the Home Office for emergency services in the UK, which, in addition to backhaul contracts with a number of other African carriers, means that Avanti is the leading provider of Ka-band cellular backhaul services to MNOs across EMEA.
CEO Kyle Whitehill comments, “The material maturity extension and additional capital injection represent a strong vote of support from our existing investors in the business, its prospects and the management team. We have a strong pipeline of opportunities for 2021 and beyond, including growing revenues from defence partnerships and from our fast growing Carrier business, putting us in a position to continue to drive revenue and further accelerate our growth in the future.”